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Cyber Crooks Steal $1,000,000 from The University of Virginia

According to the news published by SCMagazine on September 2, 2010, cybercriminals have stolen an approximate of $1 million from The University of Virginia (UVA, USA). This attack on the satellite campus of the University of Virginia's College (Wise) took place in the last week of August.

As per various sources aware of the case, cyber criminals stole money after hacking the computer of the university's accountant. The criminals employed a computer virus to access the internet banking information for the University's accounts at BB&T Bank, and commenced a single counterfeit wire transfer in the sum of $996,000 to the Agricultural Bank of China. However, BB&T rejected to comment on the issue.

On the other hand, Director of News and Media relations at UVA Wise, Kathy Still, rejected to provide details of the theft and said that the school was inspecting the hacking incident, as reported by SCMagazine on September 2, 2010.

She added that what all she could say then was they have a possible computer hacking situation under investigation. She also stated that no student data had been hacked.

According to the sources, FBI is exploring the matter and has the hard drive from the comptroller's system. Commenting on the issue, a spokeswoman at FBI Headquarters in Washington, D.C. said that as a subject of organizational policy, the FBI does not accept or reject the reality of investigations, as reported by KrebsonSecurity on September 1, 2010.

As per the security experts, attack on UVA Wise is the newest in a series of online bank crimes targeting towns, businesses, nonprofits, and schools. Cybercriminals stole around more than $600,000 from the Catholic Diocese of Des Moines, Iowa (The United States) in the last week of August 2010.

Besides, universities and schools were attacked by a gang of professional cyber thieves who stole around $117,000 from the Sanford School District in Sanford, Colorado (United States) in 2009, whereas funds were also stolen from schools in Oklahoma (United States) and Wisconsin (United States).

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